1001 Broxton Ave Westwood, Ca 90024 601 W. 41St Street
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OFFERING MEMORANDUM | LIST PRICE $1,100,000 1001601 W. BROXTON 41ST STREET AVE WESTWOOD,LOS ANGELES, CA CA 90024 90037 INVESTMENT OPPORTUNITY 4 UNIT APARTMENT ASSET VERMONT AVE This Memorandum (“Offering Memorandum”) has been prepared by Hudson Commercial Partners, Inc. based on S FIGUEROA ST TABLE OF CONTENTS W ADAMS BLVD information that was furnished to us by sources we deem to be reliable. No warranty or representation is made to the accuracy SECTION ONE 04 thereof; subject to correction of errors, omissions, change of EXECUTIVE PROFILE price, prior sale, or withdrawal from market without notice. This Memorandum is being delivered to a limited number of SECTION TWO 10 parties who may be interested in and capable of purchasing PROPERTY INFORMATION the Property. By its acceptance hereof, each recipient agrees that it will not copy, reproduce or distribute to others this Memorandum in whole or in part, at any time, without the prior written consent of Hudson Commercial Partners, Inc., and it will keep permanently confidential all information contained herein not already public and will use this Confidential Memorandum only for the purpose of evaluating the possible acquisition of the Property. S NORMANDIE AVE This Memorandum does not purport to provide a complete or fully accurate summary of the Property or any of the documents EXPO LINE related thereto, nor does it purport to be all-inclusive or to contain all of the information, which prospective buyers may need, or desire. All financial projections are based on assumptions relating to the general economy, competition and other factors beyond the control of the Owner and, therefore, are subject to material variation. This Memorandum does not constitute an indication that there has been no change in the business or affairs of the Property or the Owner since the date of preparation of this Memorandum. © 2019 Hudson Commercial Partners, Inc. The information contained in this document has been obtained from sources believed reliable. While Hudson Commercial Partners, Inc. does not doubt its accuracy, Hudson This Memorandum is being delivered by Hudson Commercial Commercial Partners, Inc. has not verified it and makes no guarantee, Partners, Inc.to prospective purchasers with the understanding warranty or representation about it. It is your responsibility to SUBJECT PROPERTY independently confirm its accuracy and completeness. Any projections, that all prospective purchasers will conduct their own opinions, assumptions or estimates used are for example only and do EXPOSITION BLVD not represent the current or future performance of the property. The independent investigation of those matters, which they deem value of this transaction to you depends on tax and other factors, which appropriate in order to evaluate this offering. Additional should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the information and an opportunity to inspect the site will be made property to determine to your satisfaction the suitability of the property available to interested and qualified prospective purchasers. W MARTIN LUTHER KING JR BLVD for your needs. EXPO LINE Hudson Commercial Partners, Inc. reserves the right to request Hudson Commercial Partners, Inc. logo are service marks of Hudson the return of any or all of the information enclosed. Commercial Partners, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners. SECTION 1 | EXECUTIVE OVERVIEW 1 MILE FROM SUBJECT PROPERTY USC CAMPUS - USC PROPERTY DESCRIPTION PROPERTY INFORMATION site description SITE description DESCRIPTION SPECIFICATION DESCRIPTION SPECIFICATION Darin Spillman at Hudson Partners is pleased to present for sale the property located at 601 W. 41st Street in the Expo Park section BUILDING SIZE 4,548 SF CONSTRUCTION TYPE Wood-Frame/Stucco of Los Angeles, with immediate access to the USC Campus, Banc of PARCEL AREA 6,750 SF ROOF Flat California Stadium, the L.A. Coliseum (hosting the Olympic Games in 2028), and the future site of the $1 Billion George Lucas Museum FOUNDATION Raised APN 5019-023-021 of Narrative Art, set to open in late 2021. LANDSCAPING Minimal NUMBER OF UNITS 4 Units HVAC N/A NUMBER OF FLOORS 2 Floors WATER Landlord UNIT MIX 2 (2bd + 1 ba) PROPERTY HIGHLIGHTS ELECTRIC Separately Metered 2 (2bd + 1ba + Sun Room) • Spacious Units -- total rentable square feet of the 4 units totals GAS Separately Metered 4,548 (Buyer to verify). FAR 0.34 FIRE PROTECTION TBD • Excellent Unit Mix -- two 2 bed 1 bath units and two 2 bed 1 bath ZONING RD1.5-1 plus “sun room” units. TOPOGRAPHY Flat • Well Maintained -- Owned by the same family ownership for over PARKING 4 Spaces 25 years. LOT DIMENSIONS 50’ x 135’ • Value-Add -- Opportunity to convert to student housing and YEAR BUILT 1921 STREET FRONTAGE 50 Feet on 41st Street dramatically increase rents in the long term. TENANCY 100% Occupied HIGHWAY ACCESS 110 and 10 Freeways 8 - HUDSON COMMERCIAL PARTNERS, INC. HUDSON COMMERCIAL PARTNERS, INC. - 9 RENT ROLL INVESTOR ANALYSIS FINANCIAL OVERVIEW SCHEDULED INCOME AVERAGE AVERAGE MONTHLY DESCRIPTION SPECS # OF UNITS BDR/BATHS RENTS TOTAL RENTS INCOME Offering Price $1,100,000 2 2 Bd + 1 Ba $1,237.50 $2,475 $2,850 $5,700 Current CAP 4.0% 2 2 Bd + 1 Ba + Sun Room $1,624.50 $3,249 $3,150 $6,300 RENTAL INCOME $5,724 $12,000 Market CAP 11.3% LAUNDRY INCOME $0 $0 Current GRM 14.5 TOTAL MONTHLY INCOME $5,724 $12,000 Market GRM 6.9 TOTAL ANNUAL INCOME $68,688 $144,000 Cost Per SF $219 Cost Per Unit $275,000 EST. ANNUALIZED OPERATING DATA CURRENT MARKET Cash on Cash Return 4.0% Scheduled Gross Income $68,688 $144,000 Less Vacancy 3.0% ($2,061) 3.0% ($4,320) Expenses Per Unit $6,659 Gross Operating Income $66,627 $139,680 Expenses Per Sq Ft $5.86 Less Expenses 40% ($26,636) 18% ($26,636) UNIT NUMBER UNIT TYPE STATUS CURRENT MONTHLY RENT MARKET RENT MULTI-RESIDENTIAL BUILDING DATA NET OPERATING INCOME $39,991 $113,044 601 2 Bedroom + 1 Bathroom Occupied $1,207 $2,850 PROPOSED FINANCING ANNUALIZED EXPENSES CURRENT 601 1/2 2 Bedroom + 1 Bathroom + Sun Room Occupied $1,659 $3,150 Units 4 Units New Property Taxes (1.25%) $11,327 603 2 Bedroom + 1 Bathroom Occupied $1,268 $2,850 Year Built 1921 Utilities - Water, Sewer, Electric $6,000 603 1/2 2 Bedroom + 1 Bathroom + Sun Room Occupied $1,590 $3,150 Total Land Sq Ft 6,750 SF Property Insurance $5,309 MONTHLY TOTAL Total Bldg Gross Sq Ft 4,548 SF Repairs & Maintenance $4,000 $5,724 $12,000 YEARLY TOTAL Parking Spaces 4 Spaces Total Estimated Expenses (28.9%) -26,636 10 - HUDSON COMMERCIAL PARTNERS, INC. HUDSON COMMERCIAL PARTNERS, INC. - 11 LUCAS MUSEUM OF NARRATIVE ART BANC OF CALIFORNIA STADIUM Banc of California Stadium is a soccer-specific stadium in the Exposition Park neighborhood of Los Angeles, California. It is the home of Major League Soccer’s Los Angeles FC and future home of the National Women’s Soccer League’s Angel City FC. Opened on April 18, 2018,[6][3] it was the first open-air stadium built in the City of Los Angeles since 1962.[7] Constructed on the site of the former Los Angeles Memorial Sports Arena, it is located next to the Los Angeles Memorial Coliseum and just south of the main campus of the University of Southern California. Los Angeles FC subleases the site from the University which has a master lease with the LA Memorial Coliseum Commission for operating and managing the Coliseum and stadium properties. Founded by philanthropist and filmmaker George Lucas and his wife, Mellody cinematic theaters, numerous dedicated spaces for learning and engagement, Hobson, co-CEO and president of Ariel Investments, the Lucas Museum of new public green space, restaurants, retail, and an event space. Narrative Art will inspire current and future generations through the universal Currently under construction in Los Angeles’s Exposition Park, the Lucas Museum art of visual storytelling. The museum, scheduled to open in 2023, will present is designed by renowned architect Ma Yasong of MAD Architects with Stantec exhibitions for diverse public audiences that will bring together mass-produced as the architect-of-record. The building, approximately 300,000 square feet, images with academically rooted art forms to unpack visual storytelling in its will feature close to 100,000 square feet of gallery space, two state-of-the-art richness and complexity. Dynamic learning opportunities and public programs cinematic theaters, numerous dedicated spaces for learning and engagement, will enable people of all ages to explore diverse forms of narrative art. Designed restaurants, retail, and event space. The museum’s building will sit on a new by renowned architect Ma Yansong and under construction in Los Angeles’s 11-acre park, which will bring much needed green space to the surrounding Exposition Park, the museum will feature expansive galleries, state-of-the-art neighborhood. 12 - HUDSON COMMERCIAL PARTNERS, INC. HUDSON COMMERCIAL PARTNERS, INC. - 13 SECTION 2 | PROPERTY INFORMATION 0.4 MILES FROM SUBJECT PROPERTY BELLFLOWER AVE AVE BELLFLOWER BELLFLOWER LOS ANGELES MEMORIAL COLISEUM - COLISEUM ANGELES MEMORIAL LOS PLAT MAP AERIAL OVERVIEW LOT 135’ 6,750 SF 50’ SUBJECT PROPERTY 601 W 41st St., LOS ANGELES, CA 90037 16 - HUDSON COMMERCIAL PARTNERS, INC. HUDSON COMMERCIAL PARTNERS, INC. - 17 ZONING MAP 18 - HUDSON COMMERCIAL PARTNERS, INC. HUDSON COMMERCIAL PARTNERS, INC. - 19 EXPO LINE SUBJECT PROPERTY 20 - HUDSON COMMERCIAL PARTNERS, INC. HUDSON COMMERCIAL PARTNERS, INC. - 21 Cumulus Development in West Adams Cumulus is a West Los Angeles living and retail destination in West Adams, offering an array of lifestyle choices with state-of-the-art amenities and amaz- ing views.